that's just the u.s. when you add in global markets, according to rich peterson at capital s&p, it's $1 trillion that's been taken out of market value just since the election. >> it's crazy. if you remember several months aer ago, i was on and we talked about technical levels in the market. i said 1350 is an important upside. we cleared that. now we're coming back down again. we're around 1353. if that doesn't hold as support rather than resistance, the next place between here and there, 1278 it the june lows. 1158 we were at last year. there's basically nothing between. where does that leave investors? the fed minutes came out yesterday with an indication there's still an appetite for easing. i think we're paving the way for a possible qe-4, especially pending what happens with the cliff. i think if we get this can kick thing, it's only going to add to uncertainty. a lot of folks are looking for alternatives, not stocks, high yield. they want something different. >> yeah, because they're afraid of equiti